Middle East

Abu Dhabi National Oil Company (ADNOC) has terminated talks to purchase a. managing stake in Braskem, the Brazilian. petrochemical producer stated on Monday, driving its shares down. nearly 15%. ADNOC provided a non-binding deal in November for the. Braskem stake held by corporation Novonor, with an indicated. rate of 37.29 reais per share for an equity worth of 10.5. billion reais ($ 2.1 billion). Nevertheless, ADNOC has actually now informed Novonor about its choice. not to go forward with the negotiations, Braskem said in a. securities filing. Braskem's Sao Paulo-traded shares dropped as much as 16.3%. on Monday to its...

Saudi Arabia and its allies in OPEC+ are most likely to keep oil production unchanged for a further three months when ministers examine output allotments on June 1. The tightening up of petroleum materials and deficiency of stocks widely prepared for at the start of the year has failed to materialise up until now. If OPEC+ (Organization of the Petroleum Exporting Countries and allies) authorities had hoped to increase production into a. tightening market characterised by rising oil prices they are. likely to be irritated. Crude stocks, futures costs and calendar spreads are all at. comparable levels to a year...

Berkshire Hathaway Inc: * BERKSHIRE HATHAWAY - PAID $2.6 BILLION IN THE FIRST QUARTER OF 2024 TO REPURCHASE COMMON STOCK * BERKSHIRE HATHAWAY - APPROXIMATE 75% OF AGGREGATE FAIR WORTH WAS CONCENTRATED IN AMERICAN EXPRESS, APPLE, BANK OF AMERICA, CHEVRON AND COCA -SODA POP AS OF MAR 31 * BERKSHIRE HATHAWAY - BERKSHIRE STATES IT OWNED $135.4. BILLION OF. APPLE SHARES AS OF MAR 31 * BERKSHIRE HATHAWAY - BERKSHIRE SAYS IT OWNED $39.2 BILLION. OF. BANK OF AMERICA SHARES AS OF MAR 31 * BERKSHIRE HATHAWAY - BERKSHIRE STATES IT OWNED $19.4 BILLION. OF. CHEVRON SHARES AS OF MAR...

Worldwide scores agency Fitch modified Egypt's outlook to positive from stable on Friday. The company affirmed Eygpt's ranking at 'B-', mentioning reduced external financing threats and more powerful foreign direct financial investment. In March, the International Monetary Fund authorized a broadened financial support of $8 billion for the North African nation. The IMF's loan programme with Egypt ought to assist the nation gradually decrease its financial obligation concern, an IMF authorities stated last month. In February, the nation likewise protected a $35 billion genuine estate investment from the United Arab Emirates to establish its Mediterranean coast stretch. Foreign financiers have...

An attack by gunmen on a. humanitarian convoy of the International Committee of the Red. Cross in Sudan's South Darfur eliminated 2 motorists and hurt. 3 other staff on Thursday, the ICRC said in a declaration. The group was on its method back from Layba to assess the. humanitarian scenario of communities affected by armed violence. in the area when the event happened, the ICRC stated. More than a year of war between Sudan's army and the. paramilitary Fast Assistance Forces (RSF) has actually driven at least 8.5. million individuals from their homes. Battling tore through the. capital and has...

U.S. regulators offered the goahead on Thursday to Exxon Mobil's $60 billion purchase of Leader Natural Resources, but barred Pioneer's former CEO from Exxon's board on allegations he attempted to conspire with OPEC to raise oil rates. Former Pioneer CEO Scott Sheffield collaborated efforts with U.S. shale oil manufacturers to constrain their output and raise energy rates, the Federal Trade Commission said. Commonly thought about the dean of U.S. shale since of his long period and blunt talk about market output and spending, Sheffield used his influence to line up oil production across the Permian Basin in West Texas and...

Oil prices settled on Thursday near their least expensive level in sevenweeks, directly mixed and under pressure from weaker international need, increasing stocks and fading hopes for a fast cut in U.S. rate of interest. U.S. West Texas Intermediate crude futures fell 5 cents to settle at $78.95 a barrel, the most affordable since March 12. Global benchmark Brent crude futures likewise struck the lowest given that early March, then bounced off session lows to settle 23 cents, or 0.3%, higher at $83.67 a barrel. Both standards closed listed below their 200-day moving average, which is the key technical sign...

The following bids, mergers, acquisitions and disposals were reported by 1930 GMT on Thursday: ** Commodities group Glencore is studying an method for Anglo American, two sources stated, a. advancement that could stimulate a bidding war for the 107-year old. mining business. ** U.S. personal equity firm Bain Capital is taking a look at. purchasing some essential assets of French tech and software application company Atos. , reported French paper Les Echos on its site,. pointing out sources. ** Pakistan will press back the deadline for business to. express interest in purchasing nationwide carrier Pakistan. International Airlines to May 18,...

Oil prices fell about 3% to a sevenweek short on Wednesday on a surprise build in U.S. crude stocks, the prospect of a Middle East ceasefire contract and as hopes faded for nearterm U.S. rate of interest cuts that might boost oil need. Brent futures for July shipment fell $2.89, or 3.4%,. from where the July contract closed on Tuesday to settle at. $ 83.44 a barrel on Wednesday. That was down about 5.0% from where the Brent June. agreement closed on Tuesday when it was still the front-month,. which would be the front-month's greatest everyday percentage. decrease since October...

A pension fund for New York City employees urged BlackRock's investors to vote versus the election of Saudi Aramco's chief executive as director, mentioning possible conflicts of interest around the asset supervisor's decarbonizing strategy along with human rights issues. The world's top property supervisor BlackRock named Amin Nasser, the chief of the world's biggest oil business Saudi Aramco as an independent director in 2015. On Wednesday, the Comptroller of the City of New York City Brad Lander composed in a securities filing on behalf of the New york city City Personnel' Retirement System that BlackRock's shareholders must vote versus the...

Yemen's Houthis said on Tuesday they targeted the MSC Orion container ship in a drone attack in the Indian Ocean as part of their ongoing project versus international shipping in solidarity with Palestinians versus Israel's military actions in Gaza. MSC Orion was cruising in between the ports in Sines, Portugal and Salalah, Oman, according to LSEG data. discovered clashing details about the signed up owner of the MSC Orion. According to LSEG and other information suppliers, the ship is owned by Zodiac Maritime, which is partly owned by Israeli businessman Eyal Ofer. A spokesman for the public relations firm representing...

Poland has actually launched an investigation into multi-million-dollar cash losses by Polish refiner Orlen's Swiss unit and claims that its former CEO had ties to terrorist. organisations, Warsaw chief prosecutor Malgorzata Adamajtys. said on Tuesday. Polish site Onet had actually reported on Monday that the. former CEO of Orlen Trading Switzerland, described just as. Samer A. due to local personal privacy laws, was believed by Orlen's. internal security system of having had contacts with Lebanon's. powerful Iran-backed Hezbollah militant group. Samer A., the ex-CEO of Orlen's Swiss subsidiary OTS,. rejected in an interview with Polish private radio RMF on Tuesday....

Turkey stated on Friday it will not resume trade with Israel, worth $7 billion a year, until an irreversible ceasefire and humanitarian help are protected in Gaza, becoming the first of Israel's essential business partners to take such an action. Israel's uncompromising attitude and the getting worse circumstance in Gaza's Rafah region, a refuge for displaced people that Israel has threatened to storm - triggered Ankara to halt all exports and imports, Trade Minister Omer Bolat said. Israeli Foreign Minister Israel Katz criticised Turkish President Tayyip Erdogan's move, enacted late on Thursday, saying it breaks worldwide trade contracts and was...

Top U.S. oil and gas manufacturer Exxon Mobil has won the approval of the Federal Trade Commission ( FTC) to close its deal for Pioneer Natural Resources on the condition that former Leader CEO Scott Sheffield is kept off its board. The U.S. oil and gas industry went on a $250 billion buying spree in 2023 and the debt consolidation wave has actually continued into 2024. The mergers and acquisitions have drawn increased antitrust analysis, with the FTC examining multi-billion dollar offers, consisting of those involving Chevron, Diamondback Energy, Occidental Petroleum and Chesapeake Energy. Here are the significant handle the...

The Baltic Exchange's dry bulk sea freight index edged up on Wednesday, buoyed by an uptick in capesize and panamax vessel rates. * The general index, which factors in rates for capesize, panamax and supramax shipping vessels, ticked as much as 1,683. * The capesize index acquired 16 points, or 0.8% to 2,116. The index was still hovering around a 3-month low. * Average everyday profits for capesize vessels, which usually carries 150,000-ton freights of iron ore and coal, among others, increased $138 to $17,553. * Freight injections have actually been low, and the outlook for future demand remains unpredictable,...

Egypt has actually dedicated to addressing its recourse to central bank overdraft facilities and offbudget public sector activity, practices that have added to pressure on the currency and the currency exchange rate, the IMF stated in a personnel report released on Friday. The report, launched 4 weeks after the International Monetary Fund's board authorized an $8 billion financial support program, said Egypt had likewise dedicated to dealing with vulnerabilities such as reserve bank lending to public agencies. Egypt had actually currently taken actions to tighten up financial policy, to shift to a flexible currency exchange rate program and a liberalised...

Spain's secondlargest oil business Cepsa progressed with its tactical shift towards low carbon businesses by selling its upstream assets in Colombia while narrowing its firstquarter loss thanks to a strong refining business. The purchaser is Cedco, an affiliate of Colombian oil producer SierraCol, a Cepsa representative said on Friday in an emailed statement, declining to more talk about the offer. The divestment remains in line with the company's strategic shift. Owned by Abu Dhabi fund Mubadala and the Carlyle Group, Cepsa is investing up to 8 billion euros ($ 8.58 billion) in its shift towards green hydrogen and biofuels. In...

The Baltic Exchange's primary sea freight index declined on Friday, marking a weekly drop on the back of weaker demand in the bigger vessel segments. * The total index, which consider rates for capesize, panamax and supramax shipping vessels, fell by 22 points, or 1.3%, to 1,721 points, its most affordable level in over 2 weeks. * The index was down above 10% for the week. * The capesize index shed 58 points, or 2.6%, to 2,172, marking its lowest level since April 10, decreasing for the 6th straight session. The index signed up a weekly decline of over 23%....

The Baltic Exchange's dry bulk sea freight index, tracking rates for ships bring dry bulk commodities, declined for a 3rd successive session on Wednesday, weighed down by weaker rates for the capesize vessel sector. * The total index, which factors in rates for capesize, panamax and supramax shipping vessels, fell by 30 points, or 1.7%, to 1,774 points, its most affordable level since April 15. * The capesize index shed 113 points, or 4.6%, to 2,345. The index was down for a fourth straight session. * Average everyday earnings for capesize vessels, which typically transfers 150,000-ton freights such as iron...

There are early signs that the rise in the spot cost for liquefied gas (LNG) for shipment to Asia to a threemonth high is starting to crimp need from pricesensitive purchasers such as India. The area LNG price rose to $10.50 per million British thermal systems (mmBtu) in the week ended April 19, the most considering that Jan. 19, and up 26.5% from the low up until now in 2024 of $ 8.30, reached in early March. The recent increase in the rate has actually been driven more by supply issues, with the continuous dispute in the Middle East fuelling...

There are early indications that the increase in the area price for liquefied gas (LNG) for delivery to Asia to a threemonth high is beginning to crimp demand from pricesensitive buyers such as India. The spot LNG price increased to $10.50 per million British thermal systems (mmBtu) in the week ended April 19, the most given that Jan. 19, and up 26.5% from the low so far in 2024 of $ 8.30, reached in early March. The recent boost in the cost has been driven more by supply concerns, with the ongoing dispute in the Middle East fuelling concerns that...

The Baltic Exchange's dry bulk sea freight index extended declines on Tuesday and touched its lowest level in a week, harmed by a slide in capesize vessel rates. * The general index, which consider rates for capesize, panamax and supramax shipping vessels, fell by 78 points, or 4.1%, to 1,804 points, its most affordable level because April 16. * The capesize index shed 244 points, or about 9%,. to 2,458, marking its worst day considering that April 2. * Average day-to-day profits for capesize vessels,. which typically carries 150,000-ton freights such as iron ore. and coal, decreased by $2,021 to...

Hong Kongbased shipping business Wah Kwong is finalising an offer later this month to double the number of liquefied natural gas (LNG) providers that it has actually bought to four, as it eyes growing global trade in the superchilled fuel, its chairman stated. The ships would be provided from 2027 onwards, Wah Kwong's. Executive Chairman Hing Chao told on the sidelines of. the Singapore Maritime Week ShipZERO28 event late recently. We have constantly been extremely optimistic about the outlook of. LNG as a worldwide energy, said Chao, including that a great deal of supply. will have to originate from the...

Oil prices fell at Asia's. open on Monday, dragged down by a restored focus on market. principles, as Israel and Iran soft-pedaled the threats of an. escalation of hostilities in the Middle East after Israel's. obviously little strike on Iran. Brent futures fell 54 cents, or 0.6%, to $86.75 a. barrel by 1218 GMT. The front month U.S. West Texas Intermediate (WTI) crude. contract for May, which expires on Monday, fell 12 cents. to $83.02 a barrel. The more active June agreement dropped. 47 cents, or 0.6%, to $81.75 a barrel. Financial concerns again end up being a bearish factor...